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Elior: UBS still on hold but raises TP

( - UBS maintains its Neutral raring on the Elior share, while nudging up its target price for it to E2.
55 (from E2.4).

The analyst says that he intends to adjust estimates after FY 2023.

"Post FY23, we adjust estimates. We slightly increase FY24 revenue and adj. EBITA but cut EPS due to higher than previously expected financial expense", UBS says.

For the record, Elior is now aiming to generate E44m in cost synergies p.a. by 2026. All said, including the unchanged target for commercial synergies, the group's new target is to achieve E56m in annual recurring synergies by 2026, i.e. almost double the initial target.

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